The China National Offshore Oil Corporation has plans to pump another
$3 billion into this sphere on top of the $14 billion in assets that it
already has in Nigeria, which is a huge move that indicates its intent
to challenge the US and India for influence in Africa’s most populous
country.
The announcement that China intends to increase its energy investments in Nigeria by over a fifth follows a $2.4 billion currency swap deal in early May, which while seemingly not a lot in absolute terms, is designed to strengthen the future prospects for the so-called “petroyuan” by tying Africa’s largest oil producer to the petrodollar’s worst enemy.
This strategy is expected to dovetail with the several rail corridors that China wants to build in Nigeria in order to make the country the most important node along the vast Sahelian-Saharan Silk Road megaproject that it’s gradually constructing, which is envisioned to lift the world’s greatest concentration of extremely impoverished people out of their misery.
The announcement that China intends to increase its energy investments in Nigeria by over a fifth follows a $2.4 billion currency swap deal in early May, which while seemingly not a lot in absolute terms, is designed to strengthen the future prospects for the so-called “petroyuan” by tying Africa’s largest oil producer to the petrodollar’s worst enemy.
This strategy is expected to dovetail with the several rail corridors that China wants to build in Nigeria in order to make the country the most important node along the vast Sahelian-Saharan Silk Road megaproject that it’s gradually constructing, which is envisioned to lift the world’s greatest concentration of extremely impoverished people out of their misery.
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